So when we look out to next year, as we go through our budgeting process and see how the year is progressing, we'll look for additional opportunities to invest to drive growth.

so when we look out to next year as we go through our budgeting process and see how the year is progressing we'll look for additional opportunities to invest to drive growth


I certainly think things will become even more attractive and will -- we would tend to lean in harder when we are really confident that the full recovery is in place

i certainly think things become even more attractive and will -- we would tend to lean in harder when we are really confident that the full recovery is in place


We are actively working on strengthening our capital structure. Our third source of capital is from existing internally generated resources. We can generate meaningful cash flow through our operations

we are actively working on strengthening our capital structure our third source of capital is from existing internally generated resources we can generate meaningful cash flow through our operations


has been impacted by increasing overcapacity of RTL as multiple regional players have built excess production capabilities for internal Chinese demand.

and has been impacted by increasing overcapacity of rtl as multiple regional players have built excess production capabilities for internal china demand


With transaction volumes down, mortgage approvals down as well, can you just give us a little bit of color on what we should anticipate for the overall sort of agency office number

with transaction volumes down mortgage approvals down as well can you just give us a little bit of color on what we should anticipate for the overall sort of agency office number


and there's a shipping time associated as well as the manufacturing time. And so there are some limits with regard to the speed with which we can

and there's a shipping time associated as well as a manufacturing time so there are some limits with regard to the speed with which we can


We had not recorded any additional taxes due related to this transition, and we will continue to evaluate the ongoing impact of these provisions as additional guidances forthcoming throughout the year.

we have not recorded any additional taxes due related to this transition and we will continue to evaluate the ongoing impact of these provisions as additional guidance is forthcoming throughout the year


Our segmented market approach allowed us to post excellent results at the high end and low end of the market with such plans.

our segmented market approach allowed us to post excellent results at the high end and low end of the market with sosh plants


It looks as though there will be a very high level of launches in 2016. We also expect to see increased sales from recent and upcoming new product and service introductions.

it looks as though there will be a very high level of launches in 2016 we also expect to see increased sales from recent and upcoming new product and service introductions


As a very large investor, we also have to ask ourselves the questions, what can we do to help society to live a better life?

as a very large investor we also have to ask ourselves the questions what can we do to help society to live a better life


of an interest rate decline, as we expect to benefit from increased recapture income and correspondent production-related earnings in subsequent periods.

of an interest rate decline as we expect to benefit from increased recapture income and correspondent production-related earnings in subsequent periods


As we begin, a brief reminder. This call may contain certain forward-looking statements that are subject to the safe harbor language in today's press release and in IDEX's filings with the Securities and Exchange Commission.

as we begin a brief reminder this call may contain certain forward-looking statements that are subject to the safe harbor language in today's press release and in idex's filings with the securities and exchange commission


shutting down when margins are low. Have you noticed any production shut-ins since the beginning of the year just based on the margin landscape?

shutting down when margins are low have you noticed any production shudders since the beginning of the year just based on the margin landscape


oil companies are prioritizing. And the biggest thing we can do right now is to help our oil companies in -- keep their production up and then increase production.

oil companies are prioritizing and the biggest thing we can do right now is to help our oil companies keep their production up and then increase production


However, I don't want to get ahead of ourselves, even though I see some things that are quite promising. I want, really want to wait until we get them fully inked before we bring them out. But

however i don't want to get ahead of ourselves even though i see some things that are quite promising i really want to wait until we get them fully inked before we bring them out but


And we're making changes. So we've either made some leadership changes or some structure changes in all of those practices in order to drive different results.

and yes we're making changes so we've either made some leadership changes or some structure changes in all of those practices in order to drive different results


The updated version of our current strategy focuses on investments in safety and human resources to solidify our management platform to support further growth.

the updated version of our current strategy focuses on investments in safety and human resources to solidify our management platform to support further growth


labor growth. And if you look at some of the trades that would be important to Insulation demand, you didn't see much labor growth in framing contracting in the second half of 2015, which would suggest

labor growth and if you look at some of the trades that would be important to insulation demand you didn't see much labor growth in framing contracting in the second half of 2015 which would suggest


Moving on to Wyndham Destination Network, which is evolving its strategy to better harness its inventory and distribution power to send more people on the vacation of their dreams.

moving on to wyndham's destination network which is evolving its strategy to better harness its inventory and distribution power to send more people on the vacation of their dreams


Now that the PMIERs are in place and the industry continues to generate capital, we believe that private mortgage insurance should play a larger role in supporting a well-functioning and housing finance system.

now that the pmis are in place and the industry continues to generate capital we believe that private mortgage insurance should play a larger role in supporting a well-functioning and housing finance system


that we experienced this quarter. But it's typically more seasonal, so I don't think you'll see that same level heading into the fourth quarter.

that we experienced this quarter but it's typically more seasonal so i don't think you'll see that same level heading in the fourth quarter


In the coming months and with the benefit of our improved focus and process in place to facilitate our planning, we'll be taking a very close look at those long-term targets and reassessing the time frames

in the coming months and with the benefit of our improved focus and process in place to facilitate our planning we'll be taking a very close look at those long-term targets and reassessing the time frames


obviously, are a little longer in the tooth and perhaps could be phased out over time. The timing of how those aircraft are taken out of competitive bids for future oil and gas contracts

obviously are a little longer in the tooth than perhaps could be phased out over time the timing of how those aircraft are taken out of competitive bids for future oil and gas contracts


Right. So, what was the -- like what was the effect from an accounting perspective? Were your allowances sufficient or did the allowance rates go up?

right so but what was the -- like what was the effect from an accounting perspective were your allowances sufficient or did the allowance rates go up


As mentioned previously, overall power outage severity declined significantly when compared to the prior year as there were no major outage events for the third consecutive year, and the baseline level of outage activity also continues to decline.

as mentioned previously overall power outage severity declined significantly when compared to the prior year as there were no major outage events for the third consecutive year and the baseline level of outage activity also continued to decline


Soon, we'll be rolling out Gravity enhancements to support mobile web across all of Gannett, plus adding Gravity capabilities into our local market applications.

soon we'll be rolling out gravity enhancements to support mobile web across all of gannett plus adding gravity capabilities into our local market applications


Slower asset growth, combined with resilient profitability, also means we are strongly capital-generative, which is supportive of the growing dividend that you've seen us declare.

slower asset growth combined with resilient profitability also means we are strongly capital generative which is supportive of the growing dividend that you've seen us declare


the recent drop in spot rates for lead won't improve our results until mid Q3. Consequently, our gross profit rates should improve by

the recent drop in spot rates for lead won't improve our results until mid-q3 consequently our gross profit rate should improve by


the sales reps or the service reps in the field tell us we're missing and if we can buy it quicker and cheaper than we can build it, we'll definitely run that through the capital lens and determine whether or not we should go after it.

the sales reps or the service reps in the field tell us we're missing and if we can buy it quicker and cheaper than we can build it we'll definitely run that through the capital lens and determine whether or not we should go after it


higher predominance of indoor arena work this year and not as much outdoor football work for this last fall delivery. But we did have these large orders

higher predominance of indoor arena work this year and not as much outdoor football work for this last fall delivery but we did have these large orders


such as FFO and adjusted EBITDA. You can find this information together with reconciliation to the most directly comparable GAAP financial measure in yesterday's earnings release

such as ffo and adjusted ebitda you can find this information together with reconciliations to the most directly comparable gaap financial measure in yesterday's earnings release


Yes, I think -- first of all, for new business, small businesses and those who are starting up typically don't go through a bank for their credit anyway. So I don't think there'll be too impacted by

yes i think first of all for new businesses small businesses and those who are starting up typically don't go through a bank for their credit anyway so i don't think they'll be too impacted by


Please turn to Page 3 of the materials. Next, I will talk about our management approach over the next 3 years to achieve our overarching objectives.

please turn to page 3 of the materials next i will talk about our management approach over the next 3 years to achieve our overarching objectives


So this is something that will be there forever. So we will have to evaluate this every quarter, and you will see from time to time positive and negative things there.

so this is something that will be there forever so we will have to evaluate this every quarter and you will see from time to time positive and negative things there


Please turn to Slide 12. I also would like to provide an update on our Sandpiper project. Earlier this year, we received written orders from the Minnesota Public Utility Commission

please turn to slide 12 i also would like to provide an update on our sandpiper project earlier this year we received written orders from the minnesota public utility commission


However, activity levels and revenue opportunities from those FIDs and the emerging international recovery are not expected to have a positive financial impact

however activity levels and revenue opportunities from those fids and the emerging international recovery are not expected to have a positive financial impact


Thanks, Louis. I would like to thank everyone for joining us today. Extraction continues firmly on its path to achieving its previously disclosed growth targets

thanks louis i would like to thank everyone for joining us today extraction continues firmly on its path to achieving its previously disclosed growth targets


will likely result in higher reported earnings in 2018 than under the previous guidance as revenue is shifted to the initial years of startup and transition activities of a contract.


I think we have done a great job increasing our private label products. There was a little bit of a higher margin. So if I look at kind of all the factors understanding our customer, understanding how we're marketing to our customer location,

i think we have done a great job increasing our private label products so it was a little bit of a higher margin so if i look at kind of all the factors understanding our customer understanding how we're marketing to our customer location


And as we've discussed and mentioned prior quarters, we continue to put a lot of focus on generating quality earning assets, and we feel we made good strides in the quarter.

and as we've discussed and mentioned prior quarters we continue to put a lot of focus on generating quality earning assets and we feel we made good strides in the quarter


Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may now disconnect. Everyone, have a wonderful day.

ladies and gentlemen thank you for participating in today's conference this does conclude the program and you may now disconnect everyone have a wonderful day


with numerous operators who are doing both sports and entertainment and giving us the ability to work with them where if it was purely a sports-related deal,


Officer. In addition, we have other members of the management team in the room to answer your questions. This morning, we will review our 2016 first quarter results and update you on recent business and regulatory developments.

in addition we have other members of the management team in the room to answer your questions this morning we will review our 2016 first quarter results and update you on recent business and regulatory developments


We don't need a service provider, which helps us keep tuition low. And we've had the good fortune of building a very strong university brand based upon what happened in our traditional campus,

we don't need a service provider which helps us keep tuition low and we've had the good fortune of building a very strong university brand based upon what's happening on our traditional campus


The EPA and NHTSA are currently evaluating the comments from various stakeholders, and we expect to see a final version of the regulation sometime in April or May.

the epa and nits are currently evaluating the comments from various stakeholders and we expect to see a final version of the regulation sometime in april or may


As he talked about, that's about remixing around food, around services, around health and entertainment where we see gaps in the customer offer in that trade area.

as he talked about that's about remixing around food around services around health and entertainment where we see gaps in the customer offer in that trade area


these are stores located in farther geographies. We have it in stores in Bahia in the north of the country.

these are stores located in farther geographies we have it in stores in bahia in the north of the country


It's always a possibility that we would consider additional centers around the world to facilitate enrollment. So I won't rule that out, but

well it's always a possibility that we would consider additional centers around the world to facilitate enrollment so i won't rule that out but


One, we will increase core fee growth by becoming an essential partner to our clients, gaining share of wallet and building enduring institutional relationships,

one we will increase core fee growth by becoming an essential partner to our clients gaining share of wallet and building enduring institutional relationships


We believe that these non-GAAP financial measures help investors to gain a meaningful understanding of our core operating results and future prospects, consistent with the manner in which management measures and forecasts the company's performance.

we believe that these non-gaap financial measures help investors to gain a meaningful understanding of our core operating results and future prospects consistent with the manner in which management measures and forecasts the company's performance


As for our fourth quarter performance. On an operating basis, the quarter went pretty much as expected other than cash collections, which Ralph will cover in his remarks shortly.

as for our fourth quarter performance on an operating basis the quarter went pretty much as expected other than cash collections which ralph will cover in his remarks shortly


But at the same time, the fourth quarter has a lot of characteristics of preparing for a demand surge in the first quarter,

but at the same time the fourth quarter has a lot of characteristics of preparing for a demand surge in the first quarter


a couple of extra days on a couple of our planned turnarounds. So nothing outside of the ordinary but they all kind of fell together in the third quarter. So we do have quite a bit of waste to burn and

a couple extra days on a couple of our planned turnarounds so nothing outside of the ordinary but they all kind of fell together in the third quarter so we do have quite a bit of waste to burn and


has been in pilot mode for a while now, and so the sellers of that solution are the Verizon sales organization.

has been in pilot mode for a while now and so the sellers of that solution are the verizon sales organization


Yes. Good question, Kevin. The high majority of the features that we come out with when we come out with our software enhancements and releases are made available at no additional cost to our end-user customers.

yes good question kevin the high majority of the features that we come out with when we come out with our software enhancements and releases are made available at no additional cost to our end-user customers


any of our clients' wishes, sophisticated clients, all the way to ultrahigh-net-worth individuals, and the platform is perfectly geared to navigating the clients now through with this

any of our client wishes sophisticated clients all the way to ultra-high net worth individuals and the platform is perfectly geared to navigating the clients now through this


Glen, you said you're going to utilize those in the next couple of years. So how do we think about how you're going to use that tax loss? Is this essentially something that you have that you can

glenn you said you're going to utilize those in the next couple of years so how do we think about how you're going to use that tax loss is it -- is this essentially something that you have -- that you can


Okay. Good. And maybe just the last one. As you think about what that could mean for 2018, how do you think about additions or what you would do with the rental fleet? I know that it's moved around a lot in the past couple of years.

okay good and maybe just the last one as you think about what that could mean for 2018 how do you think about additions or what you would do with the rental fleet i know that it's moved around a lot in the past couple of years


the success you've had with that iconic piece of your business from a branding perspective stretching into some of the other categories, particularly some of those that you might have inquired in with the Loungefly acquisition?

the success you've had with that iconic piece of your business from a branding perspective i'm stretching into some of the other categories particularly some of those that you might have inquired in with the launchfly acquisition


We believe the progress being made in these areas will diversify VIVITROL's growth. VIVITROL operates in a fragmented system where each state is unique in how it activates to address the opioid crisis.

we believe the progress being made in these areas will diversify vivitrol's growth vivitrol operates in a fragmented system where each state is unique in how it activates to address the opioid crisis


We are making good progress and I am pleased to report that we are ahead of schedule for NitroX, and we are on schedule for upgrades to content management and Adrenalin.

we are making good progress and i am pleased to report that we are ahead of schedule for nitrox and we are on schedule for upgrades to content management and adrenalin


Our adjusted funds from operations for both the second and third quarter of this year have been adversely impacted by the incremental preferred dividend requirements resulting from the preferred equity issuance we did back in April.

our adjusted funds from operations for both the second and third quarter of this year have been adversely impacted by the incremental preferred dividend requirements resulting from the preferred equity issuance we did back in april


The ability to deliver improved margins while absorbing incremental investments continues to demonstrate the efficiency and effectiveness of our business.

the ability to deliver improved margins while absorbing incremental investments continues to demonstrate the efficiency and effectiveness of our business


So we're not convinced that there's going to be a move, and if there is, we think we're relatively well protected for any moves that would happen here in the second half of the year.

so we're not convinced that there's going to be a move and if there is we think we're relatively well protected for any moves that would happen here in the second half of the year


commodity dryers for a period of time. Now the previous year, we weren't able to do that because we actually had campaigns scheduled. So we have been working on how we schedule and how we

as commodity drivers for a short period of time now the previous year we weren't able to do that because we actually had campaigns scheduled so we have been working on how we schedule and how we


And as we've also said, that doesn't mean that if there are opportunistic items that come into play in that period, we would absolutely look at those,

and as we've also said that doesn't mean that if there are opportunistic items that come into play in that period we would absolutely look at those


Again, I think the public comments around that had been people hope to -- that the other parties hope to get their larger transaction closed here sometime in the second quarter. And assuming that happens, then

again i think the public comments around that have been people hope to -- that the other parties hope to get their larger transaction closed here sometime in the second quarter and assuming that happens then


Let's pause here for a second. This as an important moment in the fuel cell industry. We believe this is the largest planned deployment of fuel cell-powered trucks anywhere in the world.

let's pause here for a second this is an important moment in the fuel cell industry we believe this is the largest planned deployment of fuel cell powered trucks anywhere in the world


Looking at some of the moving pieces, as I reported last November, we saw an abrupt and significant pickup in orders in PON, demand for which had flatlined in the previous 6 months.

looking at some of the moving pieces as i reported last november we saw an abrupt and significant pickup in orders in pond demand for which had flatlined the previous 6 months


but the actual contribution to our earnings is de minimis. We actually bracketed our guidance to incorporate different timing and closing. We think it's going to be very quick and clean,

but the actual contribution to our earnings is de minimis we actually bracketed our guidance to incorporate different timing of closing we think it's going to be very quick and clean


and year-end sales commission accelerators. The decrease in operating expenses compared to the year ago quarter predominantly reflects lower investment levels for prototypes

and year-end sales commission accelerators the decrease in operating expenses compared to the year-ago quarter predominantly reflects lower investment levels for prototypes


we announced and launched the top page application coupon tab. The competitors are growing in the area of coupon.

we announced and launched the top page application coupon tab the competitors are growing in the area of coupon


Yes. Just lastly, big picture on Aero, I mean, it's been pretty dramatic swings in the last couple of years with the project comps. I mean, as we start to kind of frame out next year, should we be kind of

yes just lastly big picture on aero i mean it's been pretty dramatic swings in the last couple of years with the project comps i mean as we start to kind of frame out next year should we be kind of


I'd be grateful if you could clarify your message to them. I really want to frame this in terms of your shareholders outside your major shareholder. Are they a priority?

i'd be grateful if you could clarify your message to them i really want to frame this in terms of your shareholders outside your major shareholder are they a priority


And they just -- they come and they're kind of -- they take a lot of our time and they want to move forward. And we would like to do a small test on some of these countries where we don't think they're very viable.

and they just -- they come and they're kind of -- they take a lot of our time and they want to move forward and we would like to do a small test in some of these countries where we don't think they're very viable


I think that we're trying to be very clear that our expense guidance reflects the investments that we think we need to make in the business.

again i think that we're trying to be very clear that our expense guidance reflects the investments that we think we need to make in the business


liquids line in the country that moves about 2 million barrels a day of refined products up from Louisiana, up to Washington D.C. and maybe even up into New York Harbor,

liquids line in the country that moves about 2 million barrels a day of refined products up from louisiana up to washington d c and maybe even up into new york harbor


It has been a strain on our resources and a drag on our stock price. That said, those of you following the company closely recognize the potential for value creation

it has been a strain on our resources and a drag on our stock price that said those of you following the company closely recognize the potential for value creation


We expect the construction of our -- the third building of our Wuxi manufacturing site to be largely completed by the end of the second fiscal quarter. In the second quarter,

we expect the construction of our -- the third building of our wuxi manufacturing site to be largely completed by the end of the second fiscal quarter in the second quarter


to enter that agreement and that program, to be frank, like many of these consortiums that came together, they were actually looking to

to enter that agreement and that program to be frank like many of these consortiums that came together they were actually looking to


We recognize that all of our customers have a choice, but so do all the customers served by our competitors. Our retail team thrives on serving customers and competing every day.

we recognize that all of our customers have a choice but so do all the customers served by our competitors our retail team thrives on serving customers and competing every day


whereas Viewpoint is managing the construction management system for the general contractors and the trade contractors. Where it makes a really nice fit is that the owner is ultimately working with

whereas viewpoint is managing the construction management system for the general contractors and the trade contractors where it makes a really nice fit is that the owner is ultimately working with


building additional overseas manufacturing facilities and payment of capital expenditures associated with new equipment. I'll provide more detail on our current investment and growth initiatives.

building additional overseas manufacturing facilities and payment of capital expenditures associated with new equipment i'll provide more detail on our current investment and growth initiatives


Although our existing cash balances, which has grown considerably, our heightened funding will enable us to further capitalize on diversification and growth of our global businesses.

although our existing cash balances which has grown considerably our heightened funding will enable us to further capitalize on diversification and growth of our global businesses


and that phrase though happens to be very true. But I want to give you some hard, cold facts about the natural gas story which is our single most important business.

and that phrase though happens to be very true but i want to give you some hard cold facts about the natural gas story which is our single most important business


And based on Hemel's current positioning, we consider this to be an anchor investment that will act as a catalyst for wider change in Hemel and in delivery of the other planned initiatives.

and based on hemel's current positioning we consider this to be an anchor investment that will act as a catalyst for wider change in hemel and in delivery of the other planned initiatives


Media reports and public filings indicate that other companies in our space have received similar requests. In the highly regulated business in which we operate, we receive these type of inquiries from time to time and this one

media reports and public filings indicate that other companies in our space have received similar requests in the highly regulated business in which we operate we receive these type of inquiries from time to time and this one


I would say, at this point, we're probably at a new level of mix that won't change much. It was really during the last year as we ramped on

i would say at this point we're probably at a new level of mix that won't change much it was really during the last year as we ramped on


is currently set for trial in June of 2017. The second phase will determine damages and will proceed only if PGE is successful in the first phase.

is currently set for trial in june of 2017 the second phase will determine damages and will proceed only if pge is successful in the first phase


work to expand the product set that we have here or to electronify things that are done manually, and that can be both in operations functions

work to expand the product set that we have here or to electronify things that are done manually and that can be both in operations functions


Finally, we're doing a deep dive into our Benchmark Communities brand, and what it means to our homeowners and prospective buyers, and using that understanding to better connect with them.

finally we are doing a deep dive into our benchmark communities brand and what it means to our homeowners and prospective buyers and using that understanding to better connect with them


This decrease was primarily due to weakness in demand in the international products run rate business, while domestic product revenues were flat, as its channel partner strategy is stabilizing.

this decrease was primarily due to weakness in demand and the international products run rate business while domestic product revenues were flat as its channel partner strategy is stabilizing


We see this cycle as very normal, and that's why for this quarter, we've shown you in our press release how our loans and deposits performed with and without former American Chartered loans and deposits.

we see this cycle as very normal and that's why for this quarter we've shown you in our press release how our loans and deposits performed with and without former american chartered loans and deposits


Through the first 9 months of the year, services revenue has been lower than historical averages due to the timing of service delivery, which is often dictated by clients.

through the first 9 months of the year services revenue has been lower than historical averages due to the timing of service delivery which is often dictated by clients


wondered if you had any initial data at all regarding antibodies? And perhaps, maybe, you had a measure in place, so that if there was someone who had a

wondered if you had any initial data at all regarding antibodies and perhaps maybe you had a measure in place so that if there was someone that had a


The December quarter tends to have a greater percentage of revenue generated from larger boat sales due to the Fort Lauderdale show and the return of the northerners to Florida.

the december quarter tends to have the -- have a greater percentage of revenue generated from larger boat sales due to the fort lauderdale show and the return of the northerners to florida


and reflects the anticipated short-term impact of our strategic decision to exit much of our private label and contract manufacturing business and invest in our core brands.


For our group LCCs, Vanilla Air and Peach Aviation, we'll focus operations on Narita and Kansai, while also expanding business from other regional airports.

for our group lccs vanilla air and peach aviation we'll focus operations on narita and kansai while also expanding business from other regional airports


revenue synergies take longer. And so they would just be starting right now. And we'll continue to drive those over the next few years. But that is an exciting arena to have

revenue synergies take longer and so they would just be starting right now and we'll continue to drive those over the next few years but that is an exciting arena to have


These products -- these are products with double-digit growth, good profitability and where we have strong production technology and advantaged cost positions.

these products -- these are products with double-digit growth good profitability and where we have strong production technology and advantaged cost positions


Our performance was impacted by the anticipated factors, which I discussed on the previous slide. We continue to expect revenue growth for fiscal '19 to be concentrated in the second half.

our performance was impacted by the anticipated factors which i discussed on the previous slide we continue to expect revenue growth for fiscal '19 to be concentrated in the second half


problems that they are having at the moment, whether you're still confident in the underlying rate of growth? Perhaps also tell us a little bit about how you're seeing the underlying growth rate in Russia?

problems that they are having at the moment whether you're still confident in the underlying rate of growth and perhaps also tell us a little bit about how you're seeing the underlying growth rate in russia


what we would look for is passing it there, and now to answer your question that comes also from your

what we would look for is passing it there and now to answer your question that comes also from your


As you might expect, and I think you're hearing from others, we're seeing even more volatility in markets like Brazil, China and Russia even as we start our first quarter.

as you might expect and i think you're hearing from others we're seeing even more volatility in markets like brazil china and russia even as we start our first quarter


Additionally, access to the Murray Energy manufacturing facilities will allow us to significantly reduce our repair cost and maintenance capital expenditures on critical equipment.

additionally access to the murray energy manufacturing facilities will allow us to significantly reduce our repair cost and maintenance capital expenditures on critical equipment


holiday dressing and an extended assortment of tops and bottoms. QVC continues to be a great platform for us to introduce and test new product categories.

holiday dressing and an extended assortment of tops and bottoms qvc continues to be a great platform for us to introduce and test new product categories


in, given the elevated risk in the marketplace. I think we're very pleased that we were able to effectively increase leverage slightly, maintain our portfolio yield

given the elevated risk in the marketplace i think we're very pleased that we were able to effectively increase leverage slightly maintain our portfolio yield


While I can't predict our revenue growth, we believe, we are seeing globally sophisticated companies demonstrating a commitment to our technology.

while i can't predict our revenue growth we believe we are seeing globally sophisticated companies demonstrating a commitment to our technology


Well, I think the best way to answer that is that we have a number of objectives that include transformational moves.

well i think the best way to answer that is that we have a number of objectives that include transformational moves


These excellent results did not include sales of the client devices we discussed last quarter that were delayed at the end of 2016 as shipping did not begin until April.

these excellent results did not include sales of the client devices we discussed last quarter that were delayed at the end of 2016 as shipping did not begin until april


And again, with a strong balance sheet and strong cash flow generation, we can fund this strictly from inside the company while still being able to focus on providing return to our shareholders,

and again with a strong balance sheet and strong cash flow generation we're going to fund this strictly from inside the company while still being able to focus on providing return to our shareholders


So the high level of interest among anesthesiologists is not surprising with clinicians very eager for pediatric patients to be included in the EXPAREL label. To that end,

so the high level of interest among anesthesiologists is not surprising with clinicians very eager for pediatric patients to be included in the explor label to that end


Asia's motive power continued its double-digit organic growth during the second quarter. In addition to China, the Australian market was also strong as we also won business away from a competitor.

asia's motive power continued its double-digit organic growth during the second quarter in addition to china the australian market was also strong as we also won business away from a competitor


and also the fact that we are -- we have a lot more clarity about the likely outcomes based on the recoverability of the costs in our discussions with various parties.

and also the fact that we are -- we have a lot more clarity about the likely outcomes based on the recoverability of the cost and our discussions with various parties


As far as I know, and I'm not an absolute expert in treasury, but I'm pretty involved. As far as I know, nobody has the breadth of functionality that we have with this new solution, including the fully enabled mobile platform

as far as i know and i'm not an absolute expert in treasury but i'm pretty involved as far as i know nobody has the breadth of functionality that we have with this new solution including the fully enabled mobile platform


As Dan mentioned, we're happy with the improved activity levels in the broader market that took place postelection and the resulting impact we have seen in the first 2 months of the year.

as dan mentioned we are happy with the improved activity levels in the broader market that took place post-election and the resulting impact we have seen in the first 2 months of the year


to gain valuable feedback from the development of our fuel technology. In particular, we are working towards formalizing an end user agreement with one of these utilities

to gain valuable feedback on the development of our fuel technology in particular we are working towards formalizing an end-user agreement with one of these utilities


through a campaign involving celebrity influencers, new packaging and quality cues and local activation against multicultural millennial consumers.

through a campaign involving celebrity influencers new packaging and quality cues and local activation against multicultural millennial consumers


Let me begin by reviewing our third quarter operating and financial performance. Then I will update you on the strategic initiatives that we laid out earlier this year.

let me begin by reviewing our third quarter operating and financial performance then i will update you on the strategic initiatives that we laid out earlier this year


The fully responsive platform has so far resulted in an uptick in apply rates, which will help us with better user feedback along with data on usage and metrics to be used in customer reporting down to line.

the fully responsive platform has so far resulted in an uptick in apply rates which will help us with better user feedback along with data on usage and metrics to be used in customer reporting down the line


Plus we're integrating the search functionality that has proven successful with ClearanceJobs, which allows hiring managers to input full job descriptions rather than keywords in the boolean search to serve up ideal candidates.

plus we're integrating the search functionality that has proven successful with clearance jobs which allows hiring managers to input full job descriptions rather than keywords in a boolean search to serve up ideal candidates


With multiple high-quality markets connected to our system, shippers have enhanced flexibility to reroute their monthly volume nominations to alternate delivery points should a market disruption occur, like a refinery outage.

with multiple high-quality markets connected to our system shippers have enhanced flexibility to reroute their monthly volume nominations to alternate delivery points should a market disruption occur like a refinery outage


in terms of how the website presents opportunities for patients, which has doubled our daily retail to mail conversions and continues to for those patients where that's a benefit and where the plans save money.

in terms of how the website presents opportunities for patients which has doubled our daily retail-to-mail conversions and continues to for those patients where that's a benefit and where the plan saves money


invest in that and as a result, bring down the costs we incur around call volumes. Again, a lot of those initiatives are in process, and we'll have an

invest in that and as a result bring down the cost we incur around call volumes again a lot of those initiatives are in process and we'll have a


we anticipate a midyear approval, which would enable us to begin our EU rolling launch and our pricing and reimbursement efforts in select countries in the EU during the second half of this year.

we anticipate midyear approval which would enable us to begin our eu rolling launch and our pricing and reimbursement efforts in select countries in the eu during the second half of this year


In 2017, Defitelio became available in Canada, and we submitted for marketing approval in Brazil. Our global team continues to identify further geographic regions for expansion.

in 2017 defitelio became available in canada and we submitted for marketing approval in brazil our global team continues to identify further geographic regions for expansion


We believe that decarbonization of our electric sector and strong economics will provide ongoing growth opportunities for wind energy and for TPI for many years to come.

we believe the decarbonization of our electric sector and strong economics will provide ongoing growth opportunities for wind energy and for tpi for many years to come


the visitors. Now let me hand over now the word to Martin that will guide you through financial figures.

the visitors now let me hand over now the word to martin that will guide you through financial figures


So Noelle, there's a mix of customers and when you have this kind of growth and you have a quarter that's back-end loaded, it's going to be difficult to build April's

so no al there's a mix of customers and when you have this kind of growth and you have a quarter that's back-end loaded it's going to be difficult to build april's


Integration and synergies realization is another strong focus point for the businesses. As I mentioned before, I feel very comfortable with our ability to achieve the numbers we have laid out.

integration and synergy realization is another strong focus point for the businesses as i mentioned before i feel very comfortable with our ability to achieve the numbers we have laid out


Guidance for Q4 and the full year. First of all, our guidance does not include any pending acquisitions such as Green Bay and Davenport.

guidance for q4 and the full year first of all our guidance does not include any pending acquisitions such as green bay and davenport


along with the building products businesses acquired with Lagan. Ireland, comprising of the construction materials business and contracting services businesses on the Island of Ireland,

along with the building products businesses acquired with lagham ireland comprising of the construction materials business and contracting services businesses on the island of ireland


Although my primary focus on the first call for the year has always been on the performance of the previous year, I realize that there is uncertainty about the performance of financial institutions

although my primary focus on the first call for the year has always been on the performance of the previous year i realized that there is uncertainty about the performance of financial institutions


And FX has really been the problem that's been the most challenging for us to negate because it's not going to justify any pricing or drive any pricing in the market. Raw materials,

and fx has really been the problem that's been the most challenging for us to negate because it's not going to justify any pricing or drive any pricing in the market raw materials


during the restructuring of Frontera in late 2016. Second priority is to improve the quality of our existing upstream business

during the restructuring of frontiera in late 2016 second priority is to improve the quality of our existing upstream business


influential or in the most cases drive or actually be the only lender to come to the right conclusion. Occasionally, there will be something that has

influential in or in most cases drive or actually be the only lender to come to the right conclusion occasionally there will be something that has


and have it adopted. We can do that. Finally, we also see companies with attractive, but incomplete product solutions, who would benefit from that offering being made more robust. We can do that as well.

and have it adopted we can do that finally we also see companies with attractive but incomplete product solutions who would benefit from that offering being made more robust we can do that as well


and somewhat diminished what was otherwise a very strong performance during Q3. The first of these relates to Malaysian Airline System or MAS, which is restructuring to address difficult financial issues.

and somewhat diminished what was otherwise a very strong performance during q3 the first of these relates to malaysian airline system or mas which is restructuring to address difficult financial issues


the preponderance of the difference continues to be interruptible volumes that we just don't quite have the tenure with to forecast with great confidence.

but the preponderance of the difference continues to be interruptible volumes that we just don't quite have the tenure with to forecast with great confidence


The year is still right in line with what we've expected. It's not a deceleration of growth. It's really more of a function of the comparison to the prior year on a quarter-to-quarter basis.

the year is still right in line with what we've expected it's not a deceleration of growth it's really more of a function of the comparison to the prior year on a quarter-to-quarter basis


I know we've talked in the past about Westmoreland and Clearfield. I think based on kind of where we think pricing is going to go, and since that's a very PDP heavy asset,

i know we've talked in the past about westmoreland and clearfield i think based on kind of where we think pricing is going to go and since that's a very pdp heavy asset


defined execution strategies and a clear focus free of distractions to improve and evolve the customer experience and to extend our service differentiation.


providing the means and the revenue to both attract and retain and motivate very good professionals. Whereas at a lot of our competitor firms as you alluded to,

providing the means and the revenue to both attract and retain and motivate very good professionals whereas a lot of our competitor firms as you allude to


Getting these elements right will help us connect more with our existing consumers, expand our reach to new consumers and return the business to strong growth over time.

getting these elements right will help us connect more with our existing consumers expand our reach to new consumers and return the business to strong growth over time


In fact, we achieved first fire just today, which is a huge milestone for us and IPL, and we will now be focused on completing the commissioning over the next couple of months.

in fact we achieved first fire just today which is a huge milestone for us and ipl and we will now be focused on completing the commissioning over the next couple of months


We will continue to drive efficiencies in the management of our new product and innovation efforts through improved project selection at the group level rather than our historic individual division use,

we will continue to drive efficiencies in the management of our new product and innovation efforts through improved project selection at the group level rather than our historic individual division views


The retention rate of new Android users increased by nearly 20% when compared to last year, meaning that the people who try Snapchat on Android are much more likely to stick around and become daily active users.

the retention rate of new android users increased by nearly 20% when compared to last year meaning that the people who try snapchat on android are much more likely to stick around and become daily active users


and create a unique product offering that people will not be able to put together easily or see elsewhere.


We have assembled a collection of commercial capabilities and infrastructure designed specifically to navigate these complex treatment systems and to operate in an evolving healthcare environment.

we've assembled a collection of commercial capabilities and infrastructure designed specifically to navigate these complex treatment systems and to operate in an evolving health care environment


Both companies are struggling with the same issues of massive data complexity and difficulties in getting accurate spend visibility and identifying where they are leaving money on the table.

both companies are struggling with the same issues of massive data complexity and difficulties in getting accurate spend visibility and identifying where they are leaving money on the table


changing, adding new services to contracts. So from the standpoint of our ability to do more work or sell more products, we certainly think there's an opportunity

changing adding new services to contracts so from the standpoint of our ability to do more work or sell more products we certainly think there's an opportunity


So I just think overall, because of the quality that we have, the short turnaround and the smaller quantities, that's -- which is our sweet spot

so i just think overall because of the quality that we have the short turnaround and the smaller quantities that's -- which is our sweet spot


Okay. Thank you, Carmen, and thank all of you who have joined us this morning as we report the financial results for the first quarter of 2016. Please note that this morning's press release,

okay thank you carmen and thank all of you who have joined us this morning as we report the financial results for the first quarter of 2016 please note that this morning's press release


And so what we've seen here is not only a significant recovery of fire and security products but very broad-based execution across every one of our platforms.

and so what we've seen here is not only a significant recovery of fire and security products but very broad-based execution across every one of our platforms


those risks and uncertainties detailed from time to time in filings the company submits to the Securities and Exchange Commission, including its quarterly reports on Form 10-Q,

those risks and uncertainties detailed from time to time in filings the company submits to the securities and exchange commission including its quarterly reports on form 10-q


is there any risk to not delivering some of those orders on time and needing to ask for an extension? I'm sure that you're prioritizing that contract given the size of it and the newness of it.

but is there any risk to not delivering some of those orders on time and needing to ask for an extension i'm sure that you're prioritizing that contract given the size of it and the newness of it


grew fairly strongly, mainly in growth markets, specifically in China. Now before you get carried away and extrapolate these growth rates,

grew fairly strongly mainly in growth markets specifically in china now before you get carried away and extrapolate these growth rates


enterprises in general I think are more affected by what they read about roaming costs going away and external forces and therefore

enterprises in general i think are more affected by what they read about roaming costs going away and external forces and therefore


it -- we were able to raise awareness. And when it comes to cashless and mobile payment, I think a lot of people started to learn about the world for the first time ever. There were a lot of positives

we were able to raise awareness and when it comes to cashless and mobile payment i think a lot of people started to learn about the world for the first time ever there were a lot of positives


But we also wish to offer stable dividends in terms of the amount. So we will carefully look at the situation to decide the amount.

but we also wish to offer stable dividends in terms of the amount so we will carefully look at the situation decide the amount


which if not properly corrected could lead to misstatements in the future, and we have been busily fixing those situations.

which if not properly corrected could lead to misstatements in the future and we have been busily fixing those situations


and there were some competitive losses that we had. But overall, that business is continuing to grow very positively

and there were some competitive losses that we had but overall that business is continuing to grow very positively


Gasoline weaker than it has been. And I think that reflects what we'd see as a seasonally normal driving season. And the real outlet piece of this is you get turnarounds right now,

gasoline weaker than it has been and i think that reflects what we'd see as a seasonally normal driving season and the real outlet piece of this is you get turnarounds right now


future events or otherwise. For additional information on these assumptions and risks, please consult the cautionary statement regarding forward-looking statements contained in the company's earnings release dated

future events or otherwise for additional information on these assumptions and risks please consult the cautionary statement regarding forward-looking statements contained in the company's earnings release dated


system at least with respect to branded as a Ritz is a benefit to our downtown Ritz Carlton. In addition, that property is going through -- our property downtown is going through a

system at least with respect to branded as a ritz is a benefit to our downtown ritz-carlton in addition that property is going through -- our property downtown is going through a


that concerns you? And is there anything you feel that investors need to know to understand the momentum that this contract is going to bring you over the next number of quarters?

that concerns you and is there anything you feel that investors need to know to understand the momentum that this contract is going to bring you over the next number of quarters


we completed the acquisition of FMCG, which will further enhance our Financial Services marketing solutions and other services product set

we completed the acquisition of fmcg which will further enhance our financial services marketing solutions and other services product set


As Mark mentioned, we continue to see a favorable trend in both our expense and -- expense ratio and absolute expenses. We remain focused on organizing the business for this simplified approach in mind

as mark mentioned we continue to see a favorable trend in both our expense and expense ratio and absolute expenses we remain focused on organizing the business with a simplified approach in mind


With the retail industry slowing in some regions, we know that our goal of becoming the world's preferred destination for convenience and fuel will transmit through the quality of our staff and our ability to engage them.

with the retail industry slowing in some regions we know that our goal of becoming the world's preferred destination for convenience and fuel will transmit through the quality of our staff and our ability to engage them


higher volume activity at the sponsor is expected to drive meaningful growth opportunities for LMRK. The acquisition market for our 3 segments remains very attractive.

higher volume activity at the sponsor is expected to drive meaningful growth opportunities for lmrk the acquisition market for our 3 segments remains very attractive


I would like to remind you that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any securities of Ares or any other person, including any interest in any fund.

i would like to remind you that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any securities of ares or any other person including any interest in any fund


The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

the conference has now concluded thank you for attending today's presentation and you may now disconnect


If the trend is correct, then it's all a matter of timing. Maybe there will be a event in the society that would trigger a turnaround.

if the trend is correct then it's all a matter of timing maybe there will be an event in the society that would trigger a turnaround


decide, but you can be a force within your category. For example, our milk tea has a volume of 3 billion, that's really substantial.

decide but you can be a force within your category for example our milk tea has a volume of 3 billion that's really substantial


Having our shares listed on a major exchange was a key priority for Vistra, after emerging from bankruptcy, and we are very pleased to upheave the uplisting in line with the time line we've previously communicated.

having our shares listed on a major exchange was a key priority for viska after emerging from bankruptcy and we are very pleased to achieve the uplisting in line with the timeline we previously communicated


Nevertheless, the electricity market structure in ERCOT is, in our view, the most constructive for retail competition, particularly those with a strong set of capabilities.

nevertheless the electricity market structure in ercot is in our view the most constructive for retail competition particularly those with a strong set of capabilities


mild temperatures during the 2016 quarter had a negative impact on truck service despite the stronger oil change business this quarter versus the 2015 first quarter.


Bad news that it costs to have a bad quarter. So the full year numbers are not that aggressive. But going forward, I think we

bad news that it costs to have a bad quarter so the full year numbers are not that impressive but going forward i think we


The outlook is therefore uncertain, and that's particularly true in the Eurozone, where the intersection of policy actions, political decisions and market confidence

the outlook is therefore uncertain and that's particularly true in the eurozone where the intersection of policy actions political decisions and market confidence


that will be going out into the market starting in -- it's already in the market a little bit, but as far as really getting into really broad distribution, in November.

that will be going out into the market starting in -- well it's already in the market a little bit but as far as really getting into really broad distribution in november


Not only is this the right time for a transition to new roles, but Debra is absolutely the right person to lead RAI and its companies to the next level.

not only is this the right time for a transition to new roles but deborah is absolutely the right person to lead rai and its companies to the next level


We will be giving you a full update on our plans to continue growing our businesses and advancing our transforming tobacco agenda at our Investment Day event in November.

we'll be giving you a full update on our plans to continue growing our businesses and advancing our transforming tobacco agenda at our investment day event in november


Coming off a strong second quarter, we knew we had a lower level of renewals this quarter. While we closed a similar number of large deals this quarter as last year, they generated lower overall revenue.

coming off a strong second quarter we knew we had a lower level of renewals this quarter while we closed a similar number of large deals this quarter as last year they generated lower overall revenue


Specifically, the challenging market for energy commodities this year has bled over to equity values for midstream energy companies. And because we have a significant backlog of projects, growth projects,

specifically the challenging market for energy commodities this year has bled over to equity values for midstream energy companies and because we have a significant backlog of projects growth projects


In Canada, we expect our rig count will average 2 rigs during the first quarter. Please remember that the rig count in Canada during the second quarter will be affected by typical seasonal factors.

in canada we expect our rig count will average 2 rigs during the first quarter please remember that the rig count in canada during the second quarter will be affected by typical seasonal factors


Before I turn over to Barry for the review of the financials, I want to reiterate the many benefits for each one of our key stakeholders. For our campus partners,

before i turn over to barry for the review of the financials i want to reiterate the many benefits for each one of our key stakeholders for our campus partners


We're pleased with both our absolute and relative investment returns in this challenging rate environment and aim to capitalize on investment opportunities to maximize risk-adjusted returns.

we're pleased with both our absolute and relative investment returns in this challenging rate environment and aim to capitalize on investment opportunities to maximize risk-adjusted returns


These were the primary drivers of the second quarter decline shown in this line. Otherwise, there were no significant unusual or unexpected items in our second quarter noninterest revenue results.

these were the primary drivers of the second quarter decline shown in this line otherwise there were no significant unusual or unexpected items in our second quarter noninterest revenue results


Credit quality will continue to be a primary focus of our team, as we move forward. Moving on to mortgage and insurance. The tables on Slide 10 provide a 5-quarter look at our results for each product offering.

credit quality will continue to be a primary focus of our team as we move forward moving on to mortgage and insurance the tables on slide 10 provide a 5 quarter look at our results for each product offering


We did receive a favorable response from the regulators, and there is an opportunity for Nuvo to submit a revised registration dossier containing our existing clinical data to select EU member states

we did receive a favorable response from the regulators and there is an opportunity for nuvo to submit a revised registration dossier containing our existing clinical data to select eu member states


The company believes that core EPS provides useful information to investors regarding financial performance because it is one method the company uses to measure its financial condition and results of operations.

the company believes that core eps provides useful information to investors regarding financial performance because it is one method the company uses to measure its financial condition and results of operations


Got it. So would you say you've got some contingency plans already? Because I know when we've talked, my sense is you think about this quite a bit even before this?

got it so would you say you've got some contingency plans already because i know when we've talked my sense is you think about this quite a bit even before this


quite well building a balance sheet with superior profitability and lower risk in 2016. Another one of our strategies for building a great company is to diversify our profit and revenue sources,

quite well building a balance sheet with superior profitability and lower risk in 2016 another one of our strategies for building a great company is to diversify our profit and revenue sources


and it does make life difficult for active asset managers, particularly those who're very disciplined in their approach to identifying long-term value.

and it does make life difficult for active asset managers particularly those who are very disciplined in their approach to identifying long-term value


We've taken actions to improve investment performance and continue to invest in innovation through increasing our new active offerings and growing our advisor platforms.

we've taken actions to improve investment performance and continue to invest in innovation through increasing our new active offerings and growing our adviser platforms


We collect a lot of core data. And our goal with all that is to find better and better inventory than we currently have. We think that is

we collect a lot of core data and our goal with all that is to find better and better inventory than we currently have and we think that is


instead of subcontracting services, we will allow our partners to directly paper or contract delivery and implementation services with our clients.

instead of subcontracting services we will allow our partners to directly paper or contract delivery and implementation services with our clients


While this is a relatively small contract, we are excited to have reached an agreement because we believe there could be additional cities in the region that are interested in a similar solution.

while this is a relatively small contract we are excited to have reached an agreement because we believe there could be additional cities in the region that are interested in a similar solution


So we're going to continue to watch it. If there's a good opportunity to monetize the asset in the Caribbean, we think can get decent pricing for it, we're going to do that. I think the reason you haven't seen us be more proactive on that front the last couple of years

so we're going to continue to watch it if there's a good opportunity to monetize the asset in the caribbean and we think we can get decent pricing for it we're going to do that i think the reason you haven't seen us be more proactive on that front the last couple of years


begins to see significant overcapacity if we really get a downturn of consequence, we can begin to see some margin erosion around the edges on the spot business.

begins to see significant overcapacity if we really get a downturn of consequence we can begin to see some margin erosion around the edges on the spot business


for setting expectations at a reasonable level and hitting them and also congratulate you for getting an excellent reinsurance deal and look forward to


the islands. We have given you the impact of this same incentive that was provided only for interisland movements. Now this incentive or this subsidy will be applied as well

in the islands we have given you the impact of this same incentive that was provided only for inter-island movements now this incentive or this subsidy will be applied as well


and paying down debt and then more recently with our stock price where it was, we did have an opportunity to go out and buyback stock at a price that we

and paying down debt and then more recently with our stock price where it was we did have an opportunity to go out and buy back stock at a price that we


the nature of our underlying business is such that it will differentiate us from other MLPs in the space, and so we will be able to use

the nature of our underlying business is such that it will differentiate us from other mlps in the space and so we will be able to use


So would -- is there any spending that you would have to incur in the near or medium term towards asset retirement in Germany? Or is that all in line with the rest of your reserve report? I believe you talk about

so would -- is there any spending that you would have to incur in the near or medium term towards asset retirement in germany or is that all in line with the rest of your reserve report i believe you talk about


At the bottom line, we expect to benefit from incremental leverage as sales improve each quarter and as we work through the operational challenges we discussed,

at the bottom line we expect to benefit from incremental leverage as sales improve each quarter and as we work through the operational challenges we've discussed


Specific to the E3 program, we now have lean transformation activities either planned or being implemented in nearly 3 million square feet of space throughout our global operations.

specific to the e3 program we now have lean transformation activities either planned or being implemented in nearly 3 million square feet of space throughout our global operations


of Esterline's normal and usual and historic performances across the board. We do not see that repeating as we go through the balance of the year.

of estrella line's normal and usual and historic performances across the board we do not see that repeating as we go through the balance of the year


one, what we said is that CICP is one of the highest profile where margin -- inorganic pigments in the pigments space.

one what we said is that cicp is one of the highest profile and margin inorganic pigments in the pigment space


Our performance reflects the benefits of our disciplined approach to executing on our priorities and positions us well for the remainder of 2016 and beyond.

our performance reflects the benefits of our disciplined approach to executing on our priorities and positions us well for the remainder of 2016 and beyond


Domestically, the Fox and Disney superheroes, including those animated superheroes, propelled the industry box office to be the highest-grossing quarter of all time.

domestically the fox and disney superheroes including those animated superheroes propelled the industry box office to be the highest-grossing quarter of all time


We frequently review our portfolio and consider divesting certain smaller brands not material to our business when the opportunity arises.

we frequently review our portfolio and consider divesting certain smaller brands not material to our business when the opportunity arises


We continue to have a robust capital position and a business model that generates considerable free cash flow. This provides flexibility to return healthy amounts of capital to shareholders,

we continue to have a robust capital position and a business model that generates considerable free cash flow this provides flexibility to return healthy amounts of capital to shareholders


Despite these market segment weaknesses, the operating businesses have done a very nice job of containing costs and maintaining respectable margin levels within those product lines.

despite these market segment weaknesses the operating businesses have done a very nice job of containing costs and maintaining respectable margin levels within those product lines


and clearly we would have some time between now and that conversion date to decide if we are happy with that, or if there's anything else we would like to do to prevent any form of dilution to our stake.

and clearly we would have some time between now and that conversion date to decide if we are happy with that or if there's anything else we would like to do to prevent any form of dilution to our stake


And I just had a question surrounding the tax benefit in the quarter. Was that mainly attributable to the tax refund that you had discussed in the previous quarter?

and i just had a question surrounding the tax benefit in the quarter was that mainly attributable to the tax refund that you had discussed in the previous quarter


While we are pleased with this activity, I should note that our normal seasonality within the quarter results in the majority of our first quarter revenue and profit being generated in March.

while we are pleased with this activity i should note that our normal seasonality within the quarter results in the majority of our first quarter revenue and profit being generated in march


By increasing our reorder points on a few key SKUs, we strive to ensure that the product is at the store versus our distribution centers and are there when the customer wants to take it.

by increasing our reorder points on a few key skus we strive to ensure that the product is at the store versus our distribution centers and they're there when the customer wants to take it


But I feel very, very good about what I see going on in the organization in terms of expense discipline, focus on controlling and managing expenses.

but i feel very very good about what i see going on in the organization in terms of expense discipline focus on controlling and managing expenses


Got it. And then just in terms of the lower revenue guidance, lower margins, how should we think about the weather impact versus the impact of the higher competition and the higher cost?

got it and then just in terms of the lower revenue guidance and lower margins how should we think about the weather impact versus the impact of the higher competition and the higher cost


We completed our secondary public offering of 5.1 million shares in May, which has helped to improve liquidity of our shares in the public marketplace and expand our investor base.

we completed our secondary public offering of 5 1 million shares in may which has helped to improve liquidity of our shares in the public marketplace and expand our investor base


Any forward-looking statements made by us in today's conference call is based solely on information currently available to us and speaks only as of the date on which it is made.

any forward-looking statements made by us in today's conference call is based solely on information currently available to us and speaks only as of the date on which it is made


incremental wins that you've seen as a result of the supply chain pressure that the airframe OEMs are putting on the supply chain? Is there any kind of color you can give us there on the pipeline and the opportunity set?

incremental wins that you've seen as a result of the supply chain pressure that the airframe oems are putting on the supply chain is there any kind of color you can give us there on the pipeline and the opportunity set


Financial services marketing in Canada is massive and measured in the trillions. And like many other industries, it's continuing to undergo a fundamental shift as it transitions to a mobile-first digital experience.

financial services market in canada is massive and measured in the trillions and like many other industries is continuing to undergo a fundamental shift as it transitions to a mobile-first digital experience


Secondly, you recently launched extended and complete benefits to Simyo customers. I think it was earlier this week. I was just wondering how big an opportunity this could be for you to take share

and secondly you recently launched or extended and complete benefits to simio customers i think it was earlier this week i was just wondering how big an opportunity this could be for you to take share


It's been 2 weeks since we have been pre-released the key figures for the first half year. So I will keep my comments on the figures short today.

it's been 2 weeks since we have been pre-released the key figures for the first half year so i will keep my comments on the figures short today


Obviously, there are a variety of things that could cause these percentages to vary from historical averages, such as the timing of significant wage or owner-operator pay increases,

obviously there are a variety of things that could cause these percentages to vary from historical averages such as the timing of significant wage or owner-operator pay increases


We anticipate that a proposed order will be considered by the PUCT on Thursday, August 18. Once approved, we will record the effects of the settlement for financial reporting purposes.

we anticipate that a proposed order will be considered by the pu ct on thursday august 18 once approved we will record the effects of the settlement for financial reporting purposes


of our continued confidence in Compugen, could you talk a little bit about what the skin in the game of these folks are, going forward,

of our continued confidence in compugen could you talk a little bit about what the skin in the game of these folks are going forward


We expect all but one of these sales will occur over the remainder of 2018, the expected delay of one being due to a potentially longer HUD approval process.

we expect all but one of these sales will occur over the remainder of 2018 the expected delay of one being due to a potentially longer hud approval process


We improved manufacturing efficiencies and continued to drive our commitment to regulatory excellence. As a result, we generated substantial cash from operations during the quarter,

we improved manufacturing efficiencies and continued to drive our commitment to regulatory excellence as a result we generated substantial cash from operations during the quarter


This would more than double free cash generation in the prior year or, for that matter, any of the last 3 fiscal years, demonstrating the potential of the business following our recent period of integration investments.

this would more than double free cash generation in the prior year or for that matter any of the last 3 fiscal years demonstrating the potential of the business following our recent period of integration investments


for greater profitability in periods beyond FY '20. A portion of the incremental integration expenses relates to establishing a new international corporate structure

for greater profitability in periods beyond fy '20 a portion of the incremental integration expenses relates to establishing a new international corporate structure


It's these environments where if it's long and steady increase, it's not a huge quarterly impact, and you've seen that in the last 3 quarters for us.

it's these environments where if it's long and steady increase it's not a huge quarterly impact and you've seen that in the last 3 quarters for us


Well, again, I would kind of go back to my earlier comments, which I feel like the second quarter was a very strong revenue performance.

well again i would kind of go back to my earlier comments which i feel like the second quarter was a very strong revenue performance


have made it clear to the networks that their desire for the affiliates that they have made abundantly clear last year is even stronger now that they're trying to get to market.

have made it clear to the networks that their desire for the affiliates that they've made abundantly clear last year is even stronger now that they're trying to get to market


in the past it was more about having big accounts and whatever they did, regardless of whether they grew or not, you did really well. Now you really need to grow to continue to increase your earnings.

in the past it was more about having big accounts and whatever they did regardless of whether they grew or not you did really well now you really need to grow to continue to increase your earnings


In the near term, this means we're taking on more inventory and holding it longer in order to service this market. Therefore, we expect to see some fluctuation in cash flows as we work through these changes.

in the near term this means we are taking on more inventory and holding it longer in order to service this market therefore we expect to see some fluctuation in cash flows as we work through these changes


Both segments offer attractive opportunities for enhancing profits through manufacturing excellence and extending industry leadership with new products and solutions.

both segments offer attractive opportunities for enhancing profits through manufacturing excellence and extending industry leadership with new products and solutions


It is important to note that we have a positive relationship with this customer and continue to expect to provide them with a value-added product going forward.

it is important to note that we have a positive relationship with this customer and continue to expect to provide them with a value-added product going forward


Over the last couple of years, we've focused a lot of attention on building out our good, better, best assortment in man-made product categories such as porcelain and ceramic tile.

over the last couple of years we focused a lot of attention on building out our good better best assortment in man-made product categories such as porcelain and ceramic tile


So I would like to know what you believe to be the main reason behind this. The second question that I would like to ask you is that if you look at metal prices, for batteries, it seems to be that for cobalt, on a per tonne basis,

so i would like to know what you believe to be the main reason behind this the second question that i would like to ask you is that if you look at metal prices for batteries it seems to be that for cobalt on a per ton basis


but quarterly comparisons have trended positively as the year has progressed. ChoiceLease revenue increased by 4% due to fleet growth and higher prices on replacement vehicles.

but quarterly comparisons have trended positively as the year has progressed choice lease revenue increased by 4% due to fleet growth and higher prices on replacement vehicles


You can't do that in a greenfields underground project. So it's the execution piece that we'll be very focused on in the next couple of years. Adrian, you know me well enough to know that I'm a glass half empty person,

you can't do that in a greenfield underground project so it's the execution piece that we'll be very focused on in the next couple of years you know me well enough to know that i'm a class half-empty person


I don't believe that you'll get through a straight MOPR-Ex with complete exemptions that shuts out the states.

i don't believe that you'll get through a straight moper x with complete exemptions that shuts out the states


Our new U.S. organization allows us to better serve our customers and suppliers by bringing the right expertise and a tailored supply chain to meet their needs.

our new u s organization allows us to better serve our customers and suppliers by bringing the right expertise and a tailored supply chain to meet their needs


This was partially offset by acquisitions and strong organic growth in Americas, EMEIA and the Asia Pacific mechanical and electronic hardware business.

this was partially offset by acquisitions and strong organic growth in americas emea and the asia pacific mechanical and electronic hardware business


the perspective of Oklahoma. And the first thing I'm going to do is to start off where Barry ended his prepared remarks and talked about the quality of our team.

the perspective of oklahoma and first thing i'm going to do is to start off where barry ended his prepared remarks and talk about the quality of our team


We're investing heavily in capital equipment for etching lasers and testing final products, and we're working to improve yields and increase factory productivity from our existing asset base.

we're investing heavily in capital equipment for etching lasers and testing final products and we're working to improve yields and increase factory productivity from our existing asset base


As Darin and Patricia have both mentioned in various investment conferences, we have added a lot more eggs in our basket of growth, making us less dependent on any single partner,

as darren and patricia both mentioned in various investment conferences we have added a lot more eggs in our basket of growth making us less dependent on any single partner


Over the past year, we've been fortunate to attract and retain a number of talented managers to our company to augment the existing team and capitalize on the depth and breadth of their knowledge.

over the past year we've been fortunate to attract and retain a number of talented managers to our company to augment the existing team and capitalize on the depth and breadth of their knowledge


cash outflow will increase significantly. But we expect that we will be able to address it within the profit and loss of the period. It

cash outflow will increase significantly but we expect that we will be able to address it within the profit and loss of the period


That is not to say that the current price is provisional. The current agreed price is not the price under the normal mechanism. That is what I would like to say.

that is not to say that the current price is provisional the current agreed price is not the price under the normal mechanism that is what i would like to say


This will enable us to phase out some of the traditional environments in KPN and reduce operating costs considerably.

this will enable us to phase out some of the traditional environments in kpn and reduce operating costs considerably


So in order to keep the credit facility a bit lower, because the credit facility actually has a direct influence on the mortgage level you can take in the Netherlands, with quite a high

so in order to keep the credit facility a bit lower because the credit facility actually has a direct influence on the mortgage level you can take in the netherlands with quite a high multiple


I know from my experience and in the markets that if we do not address these challenges and opportunities immediately and decisively,

i know from my experience and in the markets that if we do not address these challenges and opportunities immediately and decisively


yet has the added benefit of diversification. These returns are outsized relative to the absolute level of global yield alternatives and we believe, helps explain the strong performance of our stock,

yet has the added benefit of diversification these returns are outsized relative to the absolute level of global yield alternatives and we believe help to explain the strong performance of our stock


when a lot of these people are coming forward with their plans and their commitment and their money, so that's where we are. Long answer... Is there anything further with the Mansour Group and the Egyptian market?

when a lot of these people are coming forward with their plans and their commitment and their money so that's where we are has there been anything further with the mansour group and the egyptian market


Now let's discuss our current outlook for 2019. We are reaffirming our full year 2019 sales and earnings guidance established in February.

now let's discuss our current outlook for 2019 we are reaffirming our full year 2019 sales and earnings guidance established in february


it then also fairly close in terms of sales to the farm and agri part of it, because a lot of these sales is actually going into the farmer community as well. So that is why we see a link in that.

it then also fairly close in terms of sales to the farm and agri part of it because a lot of these sales is actually going into the farmer community as well so that is why we see a link in that


Auto component suppliers who signed up for work-out programs went bankrupt. There was increased exposure to loans that are expected to normalize in the second half.

auto component suppliers who signed up for workout programs went bankrupt there was increased exposure to loans that are expected to normalize in the second half


to do to this. There's some taste masking that we're adding to this initial formulation. It's all the usuals. It's all of the standard things that you would imagine that you would do if you want to have a

to do to this there's some taste masking that we're adding to this initial formulation it's all of the standard things that you would imagine that you would do if you want to have a


And as you know, we focus a lot on innovations in Orkla, and I'll give you a few examples, going through each of the business areas.

and as you know we focus a lot on innovations in oracle and i'll give you a few examples going to each of the business areas


As we look ahead to the balance of the year, we are excited about the pending acquisition of NOVADAQ, which will add a key growth driver to our high-performing Endoscopy division.

as we look ahead to the balance of the year we are excited about the pending acquisition of novadak which will add a key growth driver to our high-performing endoscopy division


But it's going to vary quarter to quarter based on the timing of some of these studies as well as the investments that we and our competitors are making to really help build the referral channel, which is going to be a multiyear process.

but it's going to vary quarter-to-quarter based on the timing of some of these studies as well as the investments that we and our competitors are making to really help build the referral channel which is going to be a multiyear process


Under this scenario, the total shareholder economics are higher when one includes the value to a shareholder of the retained earnings at Ares and the corresponding growth in our book value.

under this scenario the total shareholder economics are higher when one includes the value to a shareholder of the retained earnings at ares and the corresponding growth in our book value


Despite our excellent performance, our market cap is pretty much where it was a year ago. Last quarter, I thought that one of the issues was that we are not doing a good job of telling our story.

despite our excellent performance our market cap is pretty much where it was a year ago last quarter i thought that one of the issues was that we were not doing a good job of telling our story


So we have switched to an active and regular management of what we call the case mix, just like in hospital,

so we have switched to an active and regular management of what we call the case mix just like in a hospital


Our international sales trends were generally consistent with our expectation. We had additional shipments planned for the second quarter that will now be realized in the third and fourth quarter.

our international sales trends were generally consistent with our expectations we had additional shipments planned for the second quarter that will now be realized in the third and fourth quarters


ordering scheme. And that gives them pressure on how to deal with the available capacities which they have as there is no volume coming into the market.

ordering scheme and that gives them pressure on how to deal with the available capacities which they have as there is no volume coming into the market


There are also no significant changes to report in our Pennsylvania capital plan, with a slight increase driven by additional reliability in other projects in providing our electric service to our customers.

there are also no significant changes to report in our pennsylvania capital plan with a slight increase driven by additional reliability and other projects in providing our electric service to our customers


Importantly, largely because I suspect the regulations are beginning to take effect and people are now well aware of their increased liabilities and risks,

importantly largely because i suspect the regulations are beginning to take effect and people are now well aware of their increased liabilities and risks


I would set as an objective that this year, when the year is over, that we have double-digit net income margins and very meaningful free cash flow.

i would set as an objective that this year when the year is over that we have double-digit net income margins and very meaningful free cash flow


which is already included in the full year expectation. Given the great results in our Payments segment, it's clear that we are getting very strong returns from our investment in new innovation.

this is already included in the full year expectation given the great results in our payment segment it's clear that we are getting very strong returns from our investment in new innovation


Our long-term financial strategy continues to be aimed at positive sales growth in a stable trading environment with a sharp focus on lower costs and reduced complexity across our businesses.

our long-term financial strategy continues to be aimed at positive sales growth in a stable trading environment with a sharp focus on lower cost and reduced complexity across our businesses


Good morning, everyone, and thank you very much for joining us this morning in our conference call. So I would like to start on Page 2, where we

good morning everyone and thank you very much for joining us this morning in our conference call so i would like to start on page 2 where we


Regarding depreciation and amortization expense. We believe that the first quarter amount is a reasonable run rate estimate for an average remaining 2016 quarter

regarding depreciation and amortization expense we believe that the first quarter amount is a reasonable run rate estimate for an average remaining 2016 quarter


Most of those solutions involve us taking our machine technologies and many times software solutions that we have embedded within that machine technology to really drive

most of those solutions involve us taking our machine technologies and many times software solutions that we have embedded within that machine technology to really drive


In Spain, we also have the best quarter ever with a very good production, thanks in part to very good solar radiation.

in spain we also had the best quarter ever with very good production thanks in part to very good solar radiation


Further analysis of the safety database from the initial 8-week double-blind treatment period presented at the conference showed that sparsentan was generally safe and well tolerated.

further analysis of the safety database from the initial 8-week double-blind treatment period presented at the conference showed that sparsentan was generally safe and well tolerated


by us moving away from traditional products more into unit-linked products. And we are also driving this, so we actually, we are acting on all the 3 levers

by us moving away from traditional products more into unit-linked products and we are also driving this so we actually -- we are acting on all the 3 levers


As mentioned at the beginning of my remarks, looking at our results for the first and second quarters, we remain favorably positioned in the market, and as such, we are rating guidance -- raising guidance for the year.

as mentioned at the beginning of my remarks looking at our results for the first and second quarters we remain favorably positioned in the market and as such we are raising guidance for the year


We have also seen cost savings in our expansion projects and as demonstrated by the adjustments to the backlog, we are rightsizing the spend in this segment in light of the current commodity price environment.

we have also seen cost savings in our expansion projects and as demonstrated by the adjustments to the backlog we are rightsizing the spend in this segment in light of the current commodity price environment


to support that and really support getting a solid return on that investment. So we do have option to add capacity in the Permian at Oakdale actually at Hixton, those are all low cost options to us, but

to support that and really support getting a solid return on that investment so we do have options to add capacity in the permian at oakdale actually at hickston those are all low-cost options to us but


Taking into account our results through the first 6 months of our fiscal year, current market conditions in North Dakota and the impact of recent sale activity,

taking into account our results through the first 6 months of our fiscal year current market conditions in north dakota and the impact of recent sale activity


Our promotional expenses are up because of some of our campaigns and because of TrueYou points, which we've -- we're pushing much more aggressively for commercial reasons. We can discuss if you're interested.

our promotional expenses are up because of some of our campaigns and because of trueu points which we've been -- we're pushing much more aggressively for commercial reasons we can discuss if you're interested


But we always are monitoring all our opportunities. I mean, we like the credit strategy. We think it's a little bit more manageable in the current environment than an Agency strategy.

but we always are monitoring all our opportunities i mean we like the credit strategy we think it's a little bit more manageable in the current environment than an agency strategy


Now a few words on the first result of the action plan explained in March in order to return to strong growth and higher profitability.

now a few words on the first result of the action plan explained in march in order to return to strong growth and higher profitability